The Chancellor sent out several unequivocal messages, but also presented the
nation with a mystery that will baffle us long after we have resolved the
complexities of the gadgets in our Christmas stockings. Maybe this was
George Osborne’s idiosyncratic way of playing Santa. After all, the 2.1 per
cent increase in Isa allowance is not many people’s idea of a giveaway,
given the negligible returns currently available.

He made it clear — through his failure to raise the threshold in line with
inflation — that hundreds of thousands more middle earners are fit to pay 40
per cent income tax. Many among